Issued under the authority of the AICPA Auditing Standards Board, Statement of Position 12-1, Reporting Pursuant to the Global Investment Performance Standards, supersedes SOP 06-1 of the same title and paragraphs 11.37–.42 of chapter 11, “Independent Auditor’s Reports and Client Representations,” of the AICPA Audit and Accounting Guide Investment Companies (as of May 1, 2012).
The SOP provides guidance to practitioners for engagements to examine and report on aspects of a firm’s claim of compliance with the GIPS standards. It also provides guidance on engagements to examine and report on any of the firm’s composites and their associated compliant presentations.
The GIPS standards are voluntary guidelines designed to promote full disclosure and greater apples-to-apples comparisons by investment managers reporting their performance to existing and prospective clients.
SOP 12-1 is effective upon issuance.
